In re Buffet Partners, L.P.
United States Bankruptcy Court for the Northern District of Texas
59 Bankr. Ct. Dec 232, 2014 WL 3735804 (2014)
- Written by Liz Nakamura, JD
Facts
Buffet Partners, L.P. (BP) (debtor) filed for Chapter 11 bankruptcy. The United States trustee (UST) appointed to oversee BP’s bankruptcy appointed the Official Committee of Unsecured Creditors (the committee) (creditor) to represent the interests of BP’s unsecured creditors. Shortly after, the bankruptcy court approved a § 363 sale order to sell substantially all of BP’s assets to Chatham Credit Management III, LLC (CCM), outside the ordinary course of business; CCM placed the winning bid at the subsequent public auction. The bankruptcy court approved a settlement motion proposed by BP and the committee to resolve all remaining issues in BP’s bankruptcy. The settlement motion preserved priority claims and provided a meaningful recovery for BP’s unsecured creditors. BP and the committee then filed a joint motion to dismiss BP’s bankruptcy and submitted a proposed structured-dismissal order that would allow BP to dissolve without further oversight from the bankruptcy court after all required fees and settlements were paid. The UST objected to the structured dismissal, arguing that dismissal was inappropriate and that either (1) the bankruptcy should be converted to a Chapter 7 or (2) a Chapter 11 reorganization plan should be confirmed and implemented. No creditors objected to the proposed dismissal.
Rule of Law
Issue
Holding and Reasoning (Hale, J.)
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